BTC Market Update - June 15th

Hello Cryptofriends, hope you're all doing well. Here's a quick BTC market update for you. I am not a financial advisor and this is not financial advice, just my opinion on the market situation. Enjoy :)

Where Are We Heading

Market Cap at time of writing: 282.5 billion
BTC price / market dominance: $6,527 / 39.7%

First, the bad news:

• We can see from the above hourly chart that a bear flag has formed and unfortunately it would seem we have broken below it.

• Next, we can see that between $6,600 and $6,740 there was heavy resistance and not enough buyers looking to buy in: not a good recovery sign. That $6,620 mark seems to be the resistance point that needs to be broken for good and become support.

• The RSI has shown a downward break in its trend, which shows a bearish short-term sentiment (see blue line break in the RSI chart at the top).

• Buy volume has faded out and we are seeing more sell volume now - although nothing too significant, it doesn't show optimism for a continued recovery.

Now the good news

• The $6,500 mark seems to be a decent support level for the time being. A daily close above this level would further consolidate this support zone.

• No heavy sell-offs yet after the short-term bearish signs.

Market Conclusion:

This short-term recovery was predictable, however the bulls do not seem to have had enough strength to make this a strong recovery yet. Although this could be a bear trap in preparation, with the current TA I believe we will go back down to test the $6,100 or even $6,000 levels again. The day when bulls are ready will come, but I do not think it will be today. One thing to note is that we will now enter the weekend phase, and with the current market sentiment it is quite likely that we will see more sell volume come in.